The Dow Jones Industrial Average reached its lowest closing level of the 2008 financial crisis on March 9, 2009.
The Dow closed at 6,547.05 that day, its lowest close since 1997. The decline followed the collapse of the U.S. housing boom, severe losses on mortgage-related securities, failures and rescues of financial institutions, and a sharp contraction in global economic activity.
The crisis intensified after Lehman Brothers filed for bankruptcy in September 2008. Stock markets continued falling into early 2009 even after major government interventions, including bank support, emergency lending, and fiscal stimulus.
The March 2009 low became a major turning point, but it was not the end of all economic weakness. Unemployment and housing-market problems remained serious, while the Dow later began a prolonged recovery.